Building Technology & the Newest Wave of Innovation

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Exploring Five of the Most Recent Venture Investments in Building Technology Solutions

On the heels of BuiltWorlds’ recently released Building Tech Research, including four Technology Specialty Reports (which dive deep into High-Performance Materials, Planning & Design Solutions, Energy Systems/HVAC Technologies and Tenant Services/User Experience Solutions), the 2024 Annual Building Tech Benchmarking Report and the 2024 Building Tech 50 List, this listicle will highlight some the most recent venture activity relating to the four subcategories within BuiltWorlds Building Tech Research Track.

In addition to tracking the most frequently implemented building technology solutions as identified by the industry through our annual benchmarking program, the BuiltWorlds Venture and Investment team records all AEC venture activity in real-time, providing readers with the most up-to-date understanding of the Construction Tech, Building Tech, and Infrastructure Tech investment landscapes. Deals are posted directly to the Venture Dashboard 2.0 for members of the Venture and Investment Research Track to view.

Interestingly, Energy Systems/HVAC solutions were an area that revealed seemingly low adoption among 2023 Building Tech Survey participants. Despite that, two of the five deals announced in 1Q24 were for technology designed to decarbonize processes related to heating and cooling, totaling $26.5 million.


Given the fact that capital continued to flow toward Energy Systems/HVAC solutions through the end of 2023, this is likely an area that will see increased investment, especially as economic headwinds subdue.

For more information on adoption, frequency of use, satisfaction and the specific solutions identified read the 2024 Energy Systems/HVAC Tech Specialty Report.

Five Most Recent Building Tech Deals

Spacely AI

Spacely AI is a quick and easy rendering tool for interior designers. Utilizing AI visualization, it rapidly renders dream spaces, making it a practical solution for modern interior design.

Company: Spacely AI

Category: Planning & Design

Round: Pre-Seed

Amount: Undisclosed

Date: 3/12/24

Investors: SCB 10X

Heat Geek

Heat Geek is renewing the heating industry. Home heating accounts for 17% of the UK's carbon emissions. To tackle this, Heat Geek developed a digital-first experience that enables people to upgrade their homes with carbon-free heating.

Company: Heat Geek

Category: Energy Systems & HVAC

Round: Seed

Amount: €4.3 Million

Date: 2/29/24

Investors: Transition, with participation from Triple Point Ventures, angels


Element5 is a mass timber manufacturer specializing in the design, fabrication and assembly of contemporary timber structures. They work with solid wood to produce CLT, Glulam, CLIPs, Boxx and nanoCLT.

Company: Element5

Category: High-Performance Materials

Round: Venture

Amount: Undisclosed

Date: 2/21/24

Investors: Haslacher Group


AtmosZero is reimagining the boiler room for a decarbonized future. Their electrified Boiler 2.0 has drop-in applicability across industries, the built environment, and wherever steam is used today.

Company: AtmosZero

Category: Energy Systems & HVAC

Round: Series A

Amount: $21 Million

Date: 2/20/24

Investors: Engine Ventures, 2150, with participation from Constellation Technology Ventures, Energy Impact Partners, Starlight Ventures, AENU

Conservation Labs

Conservation Labs is on a mission to improve the planet for future generations. Their first product, H2know, enables cost-effective and sustainable water use and can help save 20% of water use and water-related expenses by identifying leaks in real time. 

Company: Conservation Labs

Category: Tennant Services/User Experience

Round: Series A

Amount: $7.5 Million

Date: 2/21/24

Investors: RET Ventures’ Housing Impact Fund, with participation from Sustain VC

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